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EXCESS CENVAT CREDIT ON CAPITAL GOODS TAKEN

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 June 2011 IN 2010-2011 I HAVE WRONGLY TAKEN 100% CREDIT ON CAPITAL GOODS WHICH SHOULD NOT BE TAKEN AND AS PER RULES ONLY 50% CREDIT CAN BE AVAILED ON CAPITAL GOODS IN ONE F.Y. AND REMAINING 50% WILL BE ALLOWED IN NEXT SUBSEQUENT YEAR.SO PLEASE TELL ME WHAT CAN I DO NOW AND WHAT WILL BE THE CONSEQUENCES?
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Ashok Asthana

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Ashok Asthana (Expert)
20 June 2011 Reverse the 50% credit in your books. You may be liable to pay interest from the date of taking credit till the date of reversal on the amount reversed.
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S.P.Mahanta

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S.P.Mahanta (Expert)
13 July 2011 Sec 11AB of Central Excise Rules 1944, Interest @13% is payable on excess cenvat credit availed from dt: of availment till dt: of payment have to be paid. Decision supported by Honble'Apex Court.
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